The effect that a gift given to a U.S. citizen from a foreign resident will have on the balance of payments is to
A. have no effect on the balance of payments if the gift was made by a foreign country.
B. have no effect on the balance of payments if the gift was made in the U.S.
C. decrease the balance of payments.
D. increase the current account balance.
Answer: D
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When there is an expansionary gap, inflation will ________, in response to which the Federal Reserve will ________ real interest rates, and output will ________.
A. decline; lower; expand B. increase; raise; decline C. decline; lower; decline D. decline; raise; decline
If Sam does not have a job and is NOT looking for work, he is considered
A) unemployed and not in the labor force. B) not in the labor force. C) unemployed. D) unemployed and in the labor force.
Marginal revenue is defined as
a. total revenue divided by quantity b. total revenue minus total cost c. the change in total revenue divided by the change in quantity d. the change in total revenue divided by quantity e. the change in total revenue
Assume a lawyer signs a contingency fee contract with a plaintiff. The case ends up settling for $1 million, of which the plaintiff received $800,000. It is obvious this contract was efficient
A) True, the plaintiff received some money. B) False, it is not clear whether another lawyer would have settled for more. C) False, it is not clear whether the plaintiff's lawyer is very smart. D) True, the plaintiff and lawyer reached an agreement and both lived up to their end of the agreement.